South Korea’s obesity-drug market is moving toward a three-way battle that could put new pressure on pricing and market share. For U.S. pharmaceutical companies and investors tracking the global GLP-1 market, the potential arrival of a lower-cost Korean treatment could offer a glimpse of how local competitors may challenge established drugs such as Wegovy and Mounjaro.
Hanmi Pharmaceutical is targeting October approval for Epe, its locally developed GLP-1 obesity treatment, with a commercial launch planned before the end of 2026 if regulators give the drug the green light. The company submitted its application in December 2025 and is now providing additional materials requested by South Korea’s Ministry of Food and Drug Safety.
Epe has been designated for the regulator’s Global Innovative Products on Fast Track, or GIFT, program. If approval comes in October, Hanmi says it is preparing to launch the drug within a month.
The market’s immediate focus is likely to be Epe’s price.
A four-week supply at the starting dose of Novo Nordisk’s Wegovy currently has a wholesale price of 216,000 won, or about $154. Eli Lilly’s Mounjaro is priced at 278,000 won, or about $198, for the 2.5-milligram starting dose.
Industry estimates suggest Epe could be priced in the 100,000-won range, or roughly $70 to $140, for four weeks of treatment. Hanmi has said that no final price has been determined.
If Epe launches at a significant discount, it could change the competitive dynamics of a market currently dominated by the two multinational drugs. Hanmi has another potential advantage: a large sales organization serving neighborhood clinics, where much of the prescribing for obesity treatments takes place.
The pricing battle is already familiar to the market.
When Mounjaro entered South Korea last year, Novo Nordisk responded by cutting Wegovy’s wholesale prices by roughly 10% to 40%, depending on dosage. The starting dose fell more than 40%, from 372,000 won to 216,000 won.
That episode demonstrated how the arrival of a new competitor can quickly reshape pricing even for an established obesity drug. Epe could put similar pressure on the market if Hanmi uses price as a tool to gain initial market share.
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Hanmi is also highlighting clinical data from South Korean patients. In a Phase 3 study involving 448 people with obesity, participants recorded an average weight reduction of 9.75% after 40 weeks of treatment.
Epe will nevertheless face established competitors with extensive global clinical data and prescribing experience. For physicians, the decision will likely depend on a combination of efficacy, safety, dosing, price and familiarity with the products.
A lower-priced entrant could also expand the size of the market rather than simply redistribute existing demand. Patients who have considered obesity treatment but have been deterred by cost could become potential customers if monthly treatment becomes substantially cheaper.
The prospect of a larger market is encouraging other Korean drugmakers to accelerate their own GLP-1 programs.
HK inno.N has completed enrollment of 313 patients in a South Korean Phase 3 trial of ecnoglutide, a once-weekly GLP-1 treatment, and is targeting completion of dosing this year.
JW Pharmaceutical has applied for a South Korean Phase 3 trial of bofanglutide, a GLP-1 treatment designed for dosing once every two weeks. Daewoong Pharmaceutical, Ildong Pharmaceutical and Dong-A ST are also developing obesity treatments.
The expanding pipeline could eventually turn South Korea from a two-brand obesity-drug market into a broader competitive arena. For investors and global pharmaceutical companies, the important variables will extend beyond headline prices to include clinical efficacy, dosing frequency, physician access and the ability to bring previously untreated patients into the market.
Epe’s potential launch before the end of 2026 could therefore become an early test of whether a domestic, lower-cost GLP-1 drug can challenge globally established brands—and whether greater competition can expand South Korea’s obesity-treatment market.
